The Wealth Office is all about you, your family, wealth, and Legacy. Through our lives, we spend so much time worrying about making a decent living. Questions like, “Will we have enough for a new house? Can I afford that new car? Can I take that trip I’ve always wanted to take?” But the years pass. You’ve built up an estate and achieved success. Your focus starts shifting away from taking care of yourself, to ensuring your loved ones and assets are cared for and protected after you’re gone. That’s what wealth preservation, estate and legacy planning is all about.

Our focus in the Wealth Office is to provide you with the information, guidance and resources you need in respect of preserving your wealth, estate, and legacy.

In this edition, we will discuss “Residency and Citizenship by Investment”, a wealth preservation mechanism.

With increasing wealth generation, individuals and families are now seeking opportunities to diversify their portfolios and preserve what is most precious to them (family and wealth). Savvy investors are seeing the benefits of investment migration not only as a means to improve their global mobility or to address lifestyle, domestic insecurity concerns, healthcare and education purposes, but also as an avenue to take their businesses global, protect their family’s future and have a Plan B in place. Hence, the search for a safe haven, access to jurisdictions with financial and political stability whilst achieving security and flexibility as well as tax efficiency is increasingly common within Private Clients’ needs.

Securing dual citizenship and residence or a combination of both assists your personal, family and business concerns at the time when alternative and contingent plans are needed the most.

The Citizenship Programs offer the following:

• The right to vote;
• The ability to pass citizenship on to future generations;
• It allows international travel;
• It affords protection by the state;
• Freedom to retire in a safe country without worrying about changing immigration laws;
• Increased privacy in banking and improved physical security;

The Residency Programs offers the following:

• The right to live, work, travel, and study in a country;
• It may give some travel rights;
• Better quality of life, climate, and personal security;
• Cleaner, defined, and stable environment;
• Better healthcare and transport systems;
• Safe alternative in times of instability;

Several factors go into the decision between seeking out residency program options or a complete move for citizenship. Investor programs range from requiring real estate investments, transfer of investment funds and donations, or business endeavors within countries that offer permanent residency or Citizenship by Investment programs.

Currently, Caribbean jurisdictions such as Antigua and Barbuda and St. Kitts and Nevis have long been the go-to when beginning the citizenship planning process. Yet, new avenues for immigrant investors within the European Union (EU) are providing opportunities for even greater benefits such as visa-free travel.

PERMANENT RESIDENCY PROGRAMS

Permanent residency programs are best for foreign investors who are not committed yet to moving to a new country or want to try out a destination before making life-long commitments. The best part of choosing to go with a residence permit first is that often, while citizenship planning, foreign nationals find that the requirements of obtaining citizenship require an initial residency in-country in which to qualify. So there really is no harm in first seeking residence when planning for citizenship.

There are four investor programs found in Europe and abroad – investment funds; real estate property purchase or investment; company formation; a combination of both investment and real estate obligations. Greece, Malta, and Portugal, for instance, offer permanent residency through investment funds into various areas, such as government bonds, company shares, or cultural and research-driven enterprises. Greece and Portugal provide a residence permit for foreign nationals willing to purchase or invest in real estate property in-country. Cyprus also has a residency program based on real estate investment but also includes donation requirements.

CITIZENSHIP BY INVESTMENT (CBI)

Citizenship by Investment programs offers wealthy individuals the chance to obtain a second passport and quick access to a range of country-specific advantages through a simple investment process. Foreign nationals and their families to become citizens with a direct monetary investment. In Greece and Portugal, foreign nationals can use the residency programs to start the first stages of the citizenship application.

When it comes to selecting the best CBI program, it really comes down to time(duration) and investment capital. In Malta, the process takes 5 years to obtain citizenship after the initial investment and a four-year residency in-country.

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Language, business interests, access to investment capital, and cultural preferences are all important considerations when beginning the residence and citizenship planning process. This process can be easier and flexible with the right firm and partners.

Email us to start a conversation and to provide you with options as to which jurisdictions are the best fit for you, your family and your overall objectives.